This is from CTV.
Hmm...seems to me that not long ago the Conservatives were making loud noises about the Liberals joining with the separatists and socialists. If there is a choice between ideological consistency and power, power always wins it seems. The NDP too appears inconsistent in that up until now the Conservatives are not to be trusted. I guess if they will throw a few crumbs to the NDP or Bloc that makes them trustworthy!
Tories court Bloc and NDP in bid to hold onto power
Updated Wed. Apr. 29 2009 10:09 PM ET
CTV.ca News Staff
Tory insiders say the party is hatching a survival plan to keep the surging Liberals at bay and delay any potential election long enough to enjoy the international limelight at the 2010 Winter Games in Vancouver.
A major plank of the plan would see the Tories delay next year's budget and deliver it in late March -- two months later than when the budget was handed down in 2009.
That would deprive the Grits of an important confidence vote before the Olympic flame arrives in Vancouver next February, at which point the Conservatives hope the economy will have turned around.
Over the past months, the recession has provided much grist for the Grit mill, and allowed the official opposition to attack the government as insensitive and incompetent.
"We intend to be there (for the Olympics)," one senior Tory told The Canadian Press on Wednesday.
A second part of the plan will see the Tories launch a series of attack ads this summer focusing on the Liberal's popular new chief, Michael Ignatieff.
However, the Tories will need the NDP and the Bloc to play ball if they hope to stave off a non-confidence vote before the 2010 Winter Games, to be held from Feb. 12 to 28.
So far, it appears the NDP and the Bloc are willing to back up the Tories -- at a price.
Bloc Leader Gilles Duceppe has been pushing for a tax-harmonization deal with Ottawa and wants improvements to the EI system. It's expected that Duceppe will lay out his formal demands on Thursday.
On Wednesday, Parliament witnessed a bizarre move when the Conservatives voted in favour of a Bloc motion that transfers $2.6 billion to Quebec and allows the province to administer its own sales tax.
Meanwhile, NDP Leader Jack Layton appears open to the idea of working with the Tories. However, his support is contingent on the condition that Ottawa deliver EI reform, provide stricter credit card regulations and increase pension protection.
For his part, Duceppe likely has an interest in holding off an election as a new poll puts the Liberals ahead of the Bloc in Quebec for the first time in five years.
The La Presse/CROP poll put the Liberals at 37 per cent in the province, followed by 31 per cent for the Bloc.
The Conservatives were way back at 15 per cent and the NDP was at 12 per cent.
Political commentator and former Liberal cabinet minister Jean Lapierre said that Ignatieff appears to have a lot of "goodwill" among Quebecers, but the party is still lacking in their organizational capacities.
"But goodwill is not enough to get those votes in the ballot box," he told CTV's Power Play.
Ignatieff could win big in the province if he pursues policies that will play well in Quebec and can build a new team of supporters, Lapierre added.
"Right now, he has nothing on the ground. He has old soldiers that are tired and he's got to recruit a new team."
On the surface, both the NDP and the Grits didn't appear to be running to support the Tories.
When asked about the poll, Duceppe said he will continue to consider every issue surrounding confidence votes as they happen.
"I don't comment on polls. I win elections," Duceppe quipped.
And Layton said he has yet to hear from the Tories about his proposals for EI, pensions and credit cards.
"We're going to keep trying to push them to act," Layton said Wednesday as he exited a caucus meeting.
"So far, lethargy and denial seems to be the dominant attitude."
With files from The Canadian Press
Saturday, May 2, 2009
Friday, May 1, 2009
Canada U.S. offering more than $10B as Chrysler files for creditor protection.
In order to ensure that some Chrysler production stayed in Canada both Harper and McGuinty probably had to put some government money into the mix. It is certainly ironic that a diehard Conservative such as Harper ends up having his govt. own a two percent stake in Chrysler. As Harper put it the situation is far from ideal! No doubt the free market ideologues within the Conservative fold will be gnashing their teeth and crying socialism!
Canada, U.S. offering more than $10B as Chrysler files for creditor protection
Last Updated: Thursday, April 30, 2009 3:00 PM ET CBC News
U.S. President Barack Obama said Thursday the governments of Canada and the United States will offer $10.5 billion US support to Chrysler LLC, which has filed for bankruptcy protection in New York state.
The U.S. government is willing to offer $8.08 billion US in aid to the automaker, while the Canadian government and the Ontario government will jointly offer $2.42 billion US ($2.9 billion Cdn).
Starting May 4, Chrysler plants will cease most production until the company gets out of the court process, which is projected to last 30 to 60 days.
The Canadian and Ontario governments will end up with a two per cent stake in a restructured Chrysler, while the U.S. government will hold eight per cent. Canada will get to appoint one independent director to a new nine-person Chrysler board. The U.S. will appoint four independent directors.
While the situation is not ideal, it is the the best way forward, Prime Minister Stephen Harper told reporters at a joint news conference in Toronto with Ontario Premier Dalton McGuinty.
"These companies are vital to a network of employment," Harper said, referring to the Canadian auto sector.
Chrysler Canada facts in brief
Employees: 9,400
Retirees: 13,000
Headquarters: Windsor, Ont.
Production Canada in 2008: 479,000
Units sold in Canada in 2008: 222,996
Number of Chrysler dealers: 450
Vehicles built in Canada:
Dodge Grand Caravan (Windsor, Ont.)
Dodge Charger (Brampton, Ont.)
Dodge Challenger (Brampton, Ont.)
Chrysler 300 (Brampton, Ont.)
In a White House statement, Obama said Chrysler will come out of protection as a more viable company with "a new lease on life."
"No one should be confused about what a bankruptcy process means," Obama said. "This is not a sign of weakness, but rather one more step on a clearly charted path to Chrysler's revival."
A bankruptcy filing became expected after a group of about 40 hedge funds opposed a plan that would reduce the automaker's $6.9 billion US in secured debt. A group of four banks that together hold about 70 per cent of that debt is in support of the plan. Talks over the debt restructuring broke down overnight.
'Unjustified bailout'
Obama blasted the investment groups that didn't back the restructuring.
"A group of investment firms and hedge funds decided to hold out for the prospect of an unjustified bailout," he said during a noon-hour address from the White House.
"They were hoping that everybody else would make sacrifices and they would have to make none. Some demanded twice the return that other lenders were getting. I don't stand with them," he said.
Obama said that Chrysler and Italy's Fiat Group SpA have formed a partnership "that has a strong chance of success."
He said Fiat will provide technology to Chrysler and will commit to building cars at Chrysler plants.
Chrysler had a U.S.-government imposed deadline of 11:59 p.m. Thursday to work out a new plan to become viable again.
Chrysler CEO leaving
In conjunction with the Chrysler restructuring, CEO Bob Nardelli said he will step down after the company emerges from creditor protection, which could take up to 60 days. Speaking on CNBC, Nardelli said he was not asked to leave the company, but said he thought it was the right time to go.
Nardelli has been in the CEO post at Chrysler since Cerberus Capital Management acquired control of the automaker in 2007. Cerberus owns 80 per cent on Chrysler.
Ownership of restructured Chrysler:
Voluntary Employee Beneficiary Association: 55%
U.S. government: 8%
Canadian government: 2%
Fiat: 20% initially (could rise to 35%)
"Even though total agreement was not possible, I am truly grateful for all that has been sacrificed on the part of many of Chrysler's stakeholders to reach an agreement in principle with Fiat," Nardelli said in a release from Chrysler.
Chrysler is seeking quick court approval of its agreement with Fiat and the sale of Chrysler's principal assets to a new company.
In his address, Obama called Chrysler a pillar of the U.S. industrial economy, "but frankly a pillar that's been weakened by papering over tough problems and avoiding hard choices."
"For too long, Chrysler moved too slowly to adapt for the future — building and designing cars that were less reliable, less popular and less fuel-efficient than competitors. That's what brought us to a point where they sought taxpayer assistance," he said.
Canada, U.S. offering more than $10B as Chrysler files for creditor protection
Last Updated: Thursday, April 30, 2009 3:00 PM ET CBC News
U.S. President Barack Obama said Thursday the governments of Canada and the United States will offer $10.5 billion US support to Chrysler LLC, which has filed for bankruptcy protection in New York state.
The U.S. government is willing to offer $8.08 billion US in aid to the automaker, while the Canadian government and the Ontario government will jointly offer $2.42 billion US ($2.9 billion Cdn).
Starting May 4, Chrysler plants will cease most production until the company gets out of the court process, which is projected to last 30 to 60 days.
The Canadian and Ontario governments will end up with a two per cent stake in a restructured Chrysler, while the U.S. government will hold eight per cent. Canada will get to appoint one independent director to a new nine-person Chrysler board. The U.S. will appoint four independent directors.
While the situation is not ideal, it is the the best way forward, Prime Minister Stephen Harper told reporters at a joint news conference in Toronto with Ontario Premier Dalton McGuinty.
"These companies are vital to a network of employment," Harper said, referring to the Canadian auto sector.
Chrysler Canada facts in brief
Employees: 9,400
Retirees: 13,000
Headquarters: Windsor, Ont.
Production Canada in 2008: 479,000
Units sold in Canada in 2008: 222,996
Number of Chrysler dealers: 450
Vehicles built in Canada:
Dodge Grand Caravan (Windsor, Ont.)
Dodge Charger (Brampton, Ont.)
Dodge Challenger (Brampton, Ont.)
Chrysler 300 (Brampton, Ont.)
In a White House statement, Obama said Chrysler will come out of protection as a more viable company with "a new lease on life."
"No one should be confused about what a bankruptcy process means," Obama said. "This is not a sign of weakness, but rather one more step on a clearly charted path to Chrysler's revival."
A bankruptcy filing became expected after a group of about 40 hedge funds opposed a plan that would reduce the automaker's $6.9 billion US in secured debt. A group of four banks that together hold about 70 per cent of that debt is in support of the plan. Talks over the debt restructuring broke down overnight.
'Unjustified bailout'
Obama blasted the investment groups that didn't back the restructuring.
"A group of investment firms and hedge funds decided to hold out for the prospect of an unjustified bailout," he said during a noon-hour address from the White House.
"They were hoping that everybody else would make sacrifices and they would have to make none. Some demanded twice the return that other lenders were getting. I don't stand with them," he said.
Obama said that Chrysler and Italy's Fiat Group SpA have formed a partnership "that has a strong chance of success."
He said Fiat will provide technology to Chrysler and will commit to building cars at Chrysler plants.
Chrysler had a U.S.-government imposed deadline of 11:59 p.m. Thursday to work out a new plan to become viable again.
Chrysler CEO leaving
In conjunction with the Chrysler restructuring, CEO Bob Nardelli said he will step down after the company emerges from creditor protection, which could take up to 60 days. Speaking on CNBC, Nardelli said he was not asked to leave the company, but said he thought it was the right time to go.
Nardelli has been in the CEO post at Chrysler since Cerberus Capital Management acquired control of the automaker in 2007. Cerberus owns 80 per cent on Chrysler.
Ownership of restructured Chrysler:
Voluntary Employee Beneficiary Association: 55%
U.S. government: 8%
Canadian government: 2%
Fiat: 20% initially (could rise to 35%)
"Even though total agreement was not possible, I am truly grateful for all that has been sacrificed on the part of many of Chrysler's stakeholders to reach an agreement in principle with Fiat," Nardelli said in a release from Chrysler.
Chrysler is seeking quick court approval of its agreement with Fiat and the sale of Chrysler's principal assets to a new company.
In his address, Obama called Chrysler a pillar of the U.S. industrial economy, "but frankly a pillar that's been weakened by papering over tough problems and avoiding hard choices."
"For too long, Chrysler moved too slowly to adapt for the future — building and designing cars that were less reliable, less popular and less fuel-efficient than competitors. That's what brought us to a point where they sought taxpayer assistance," he said.
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